Fixed rates falling, Prime now at 3.50%.
Surrey, BC - Dec. 17, 2008 - With the last move by the Bank of Canada moving Prime to 3.50%, we now have variable rate mortgages from 4.10% and are anticipating more drops after the US Fed dropped their benchmark rate to an unheard of 0%. Fixed rates are tumbiling, with 5 year discounted from 4.84%, 1 years from 4.00%!.
We expect to see more competition from lenders starting in 2009, with lower rates on variables as well as fixed. We also hope that as we put distance from the Sept/October melt down CMHC, Genworth and the lenders can start to relax their policies a little to allow "normal" people more access to mortgage financing.
As always, having a Mortgage Strategy in place is always the best plan!
Sending your clients to Invis on the Peninsula will ensure they get the best strategy possible and makes you look good!
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Useful website for Your clients
Apart from our own website www.lloydonline.com (which is currently being reno'd, watch for changes soon!) here are some helpful links to provide to your clients who are looking for more information on mortgages.
If you need more specific information, please let us know! |
| Why the right lending partner is so important now...
Six months ago, there seemed to be lots of deals for you to grab...if your lending partner of choice couldn't get a deal done, there was always more out there. That was a long time ago. There are now fewer deals to go around, and when you have one, you need it to get approved and close. Are you willing to risk that to your local branch or a lending rep? An Independent Mortgage Broker can deal with over thirty lenders instead of one. What makes Michael different than the other brokers you can choose? 20 years lending experience, 9 as an Independent Mortgage Broker, and his South Surrey office is one of the highest mortgage volume teams in British Columbia. That means when your client is referred to Michael he has the knowledge and the volume to get them approved and with the best product. Lenders offer special packages and approve more for their best brokers. Does this mean he gets everyone approved, of course not, but if there is any way to get it approved, Michael will find it. So when your client says they need a mortgage, refer it to Michael and you can feel comfortable your deal is going to close...isn't that the most important thing?
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